Remember the saying “Cash is king?” Well, I think we’re slowly entering an era where cash no longer has quite the power and leverage it once used to have…here’s why. Add me on Instagram: GPStephan
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Here’s why you shouldn’t pay with Debit or Cash…and instead, pay for everything with a credit card:
The first reason you should put everything on a credit card is for security. When you pay for something with cash, the cash is gone from your hands as soon as you spend it…and if you lose that cash, it’s also gone. Similar with a debt card - when you use a debit card, you’re giving the entire world direct line to your ACTUAL money. Every time you use it, at an ATM or when making a purchase, you’re pretty much pulling your cash directly out of your checking account.
With a credit card, on the other hard, you accrue a balance on that card, and then you pay it down by the time it’s due. NONE of your actual money is used…it’s like being able to use someone else money for 60 days, completely free, and at the end of that 60 days, you pay that person back from what you’ve spent. The credit card becomes the BUFFER between what you buy, and your money.
The second reason you should put everything on a credit card is PURCHASE PROTECTION. Many credit cards offer this as a perk of using their service…and this should be reason enough for you to start charging everything on your credit card.
First, we have credit cards that offer purchase protection - this means that the credit card company will insure your item for 90-120 days in the event of damage
Second, we have credit cards that offer price protection…this means that if you buy something, and then find it CHEAPER within usually 90 days, you can submit the cheaper price to the credit card company and they will CREDIT YOU BACK THE DIFFERENCE.
And third, we have return protection…this means that if you buy something and for whatever reason decided to return it, if the merchant won’t accept a return or issue a refund, your credit card will cover you and accept the return on the merchants behalf, then they’ll just reimburse you directly.
Fourth: extended warranty. Many credit cards will extend the manufactures warranty of an item by matching it for up to an extra year.
Next, we get my total favorite reason to use credit cards over paying with cash or debit…and that’s REWARDS. Just use the credit card for your normal spending and rack up free travel, free hotels, and free cash back in your pocket…all for deciding to use a credit card over cash. This is also known as credit card churning.
And finally…the last reason to use a credit card Is to boost your credit score and credit utilization. In the United States, your credit score is a huge factor in determining whether or not you can get a loan to buy a house, car, or any other purchase you want to finance…it also determines what interest rate you pay, and whether or not you get a low interest rate, or a high interest rate.
So I’d like to think ALL of those reasons I just mentioned are fairly compelling just to use a credit card for EVERYTHING, and to ditch the debit card and cash altogether.
However:
You should NOT use credit cards to rack up debt IF you don’t have the money to pay it off, in full, when it’s due. You should never pay a single penny in interest, you should never increase your spending just because the money isn’t immediately taken out of your account, and you should have the cash available to pay it off, in full, at all times.
My ENTIRE Camera and Recording Equipment:
https://www.amazon.com/shop/grahamstephan?listId=2TNWZ7RP1P1EB
Favorite Credit Cards:
Chase Ink 100k Bonus Point Offer - https://www.referyourchasecard.com/21/ZVSGGIXM8U
American Express Platinum - http://refer.amex.us/GRAHASOxHd?XLINK=MYCP
GET $50 OFF FOR A LIMITED TIME WITH COUPON CODE: THANKYOU50
The Real Estate Agent Academy: Learn how to start and grow your career as a Real Estate Agent to a Six-Figure Income, how to best build your network of clients, expand into luxury markets, and the exact steps I’ve used to grow my business from $0 to over $125 million in sales: https://goo.gl/UFpi4c
GET THE MERCH: http://www.GrahamStephanStore.com/
Here’s why you shouldn’t pay with Debit or Cash…and instead, pay for everything with a credit card:
The first reason you should put everything on a credit card is for security. When you pay for something with cash, the cash is gone from your hands as soon as you spend it…and if you lose that cash, it’s also gone. Similar with a debt card - when you use a debit card, you’re giving the entire world direct line to your ACTUAL money. Every time you use it, at an ATM or when making a purchase, you’re pretty much pulling your cash directly out of your checking account.
With a credit card, on the other hard, you accrue a balance on that card, and then you pay it down by the time it’s due. NONE of your actual money is used…it’s like being able to use someone else money for 60 days, completely free, and at the end of that 60 days, you pay that person back from what you’ve spent. The credit card becomes the BUFFER between what you buy, and your money.
The second reason you should put everything on a credit card is PURCHASE PROTECTION. Many credit cards offer this as a perk of using their service…and this should be reason enough for you to start charging everything on your credit card.
First, we have credit cards that offer purchase protection - this means that the credit card company will insure your item for 90-120 days in the event of damage
Second, we have credit cards that offer price protection…this means that if you buy something, and then find it CHEAPER within usually 90 days, you can submit the cheaper price to the credit card company and they will CREDIT YOU BACK THE DIFFERENCE.
And third, we have return protection…this means that if you buy something and for whatever reason decided to return it, if the merchant won’t accept a return or issue a refund, your credit card will cover you and accept the return on the merchants behalf, then they’ll just reimburse you directly.
Fourth: extended warranty. Many credit cards will extend the manufactures warranty of an item by matching it for up to an extra year.
Next, we get my total favorite reason to use credit cards over paying with cash or debit…and that’s REWARDS. Just use the credit card for your normal spending and rack up free travel, free hotels, and free cash back in your pocket…all for deciding to use a credit card over cash. This is also known as credit card churning.
And finally…the last reason to use a credit card Is to boost your credit score and credit utilization. In the United States, your credit score is a huge factor in determining whether or not you can get a loan to buy a house, car, or any other purchase you want to finance…it also determines what interest rate you pay, and whether or not you get a low interest rate, or a high interest rate.
So I’d like to think ALL of those reasons I just mentioned are fairly compelling just to use a credit card for EVERYTHING, and to ditch the debit card and cash altogether.
However:
You should NOT use credit cards to rack up debt IF you don’t have the money to pay it off, in full, when it’s due. You should never pay a single penny in interest, you should never increase your spending just because the money isn’t immediately taken out of your account, and you should have the cash available to pay it off, in full, at all times.
My ENTIRE Camera and Recording Equipment:
https://www.amazon.com/shop/grahamstephan?listId=2TNWZ7RP1P1EB
Favorite Credit Cards:
Chase Ink 100k Bonus Point Offer - https://www.referyourchasecard.com/21/ZVSGGIXM8U
American Express Platinum - http://refer.amex.us/GRAHASOxHd?XLINK=MYCP
Good content..keep it up👏🏽!!
You are def right about cash with millennials. Anytime I have cash I blow it because it feels like free money, not my money because the account will not change.
What about credit utilization rate? Shouldn’t I keep it below ten % while building credit I’m currently at 689
Thanks for your swiping method + the necessary valid software, They help and make it more easier. Enjoy myself doing this with you DAWGGOAT you honest everything works lit Broski
cash is king – thats why i pay my credit card off each month
That's why i always say…don't keep all your eggs in one basket.if your debit card is compromised,you can have something else to fall back on until your money is returned..
I pay with apple and people for some reason don’t like fruits🥹
Facts, if i have the cash I consider it not relevant due to no longer being in the budget. I look at it as being "already off the sheet"
I feel like most of us should work on one credit card first for about a year or so to understand how it works, get the idea that you wont spend what you wouldnt with cash,
Hello Graham! i wanted to ask you how about monthly subscriptions to you also direct them to your credit cards?
You can't be more right! I have been using credit cards all my life to pay for everything. And of course, the credit card companies have never charged any interest as I pay 100% in full on the due date.
I know a coworker who makes $7 hr. More than me. He’s always broke because he spends his (cash) on Doritos and liquor 🥃! I don’t buy D & L and have plenty of money! Credit is King 👑
Dan Lok is a disreputable scammer. I would be ashamed of even meeting him by chance.
What if I pretend I bought something and it's stolen ? Would that work 😅😅??
I agree with what you said Up until the reward points
Credit is king and I'm going to walk in it
i thought credit cards add interest to every payment…but its only when you let it go to next month i guess.
my sister got into deat before and had to pay my dad a lot of moeny thats y i don't want a credit card i don't to add up debt like her so i only buy cheap stuff like snacks and drinks i try my best to keep a eye on my bank accout and make sure i'm never overspending my moeny + i still live at home and liveing on yr oun is expensive well liveing at home with yr mom and dad is more cheap
Stop showing those fake bills lol…trying to flex when In reality you're broke
I only pay with debit because I'm not age of majority so I can't legally use credit.
Great video! Thank you.
How does he pay the mortgages on his properties?
I love this guy and listen to wverything Mr. Graham says.
However this information is inaccurate.
Credit cards have the same protections as debit cards.
Debit cards have up to 250k to respond to customer for any kind of fraud or theft because they have that insurance
I experience that and the bank immediately put the money back into my account and started their investigation proccess.
Paying everything with credit does not help you to build credit fast.
Utilization ratio is a key component of the scroing system so having a utilization rate of 50% or 30% actually put you in an average situation.
The better according to Experian is
is 10% or less.
Third paying with credit card everything you do creates vice amd sooner or later you will start spending money you don't have because you pay it later but in case you couldn't pay then Mr. Murphy comes and ruin you financial life leaving a person with a debt of thousands of dollar for every hundred dollars owe amd accumulated.
Fifth anyone can get better deals on almost anything paying on cash.
Telling people to pay everything with credit card is like telling somebody to drink and smoke as much as you feel like it because life is short and we must have fun.
It doesn't make sense.
Economically make better sense to have people debt free or with very little debt, because as society means the economy is robust and the national GDP stronger than ever.
It makes sense and logic to have very little payable short term debt in case is needed, because it allow debt securities called bonds to have less risk.
Also help banks to lend more money to companies and by default economy flourish rapidly
Id say carry at least $100 in cash if you find yourself in a pinch.
Cash was king when walmarts systems shut down leaving everyone in the store without access to their money… 😂
What credit card do you recommend I'm building my credit I'm 19 and don't have a credit score at all I need one to help me manage money
Do you use auto pay
I agree because when use a credit or debit card it’s easier to keep track of your money
Do all credit cards offer these protections
Really an eye opener 👍
I saw this name all around on YouTube here called realcardder on telegram. Then I try him out for cc for the first time and I got one from him I can’t believe the cc is valid I cash out 10k last night from the atm and withdraw the rest to my cash app. Thanks man you my real cardder. Guy trade with him is dam legit bet
I bought my banklog from *Dumpscardingg* on telegram with the easiest cashout method which worked 100% no red flag at all he own me a lot,I also bought some credit card from worth the balance I requested which actually works fine the dude helped me alot with his stuffs work with him guys, I’m earning much already ✅
I bought my banklog from *Dumpscardingg* on telegram with the easiest cashout method which worked 100% no red flag at all he own me a lot,I also bought some credit card from worth the balance I requested which actually works fine the dude helped me alot with his stuffs work with him guys, I’m earning much already ✅
Doesn't work for me, older generation, lost 5000 points when Bank of America cancelled four cards during 2008 market crash. I have only received things from the rewards cards page when using points, usually requires 15,000 points to get anything. I do not spend enough money to to take trips, or get extra hotel rooms, requires more points than I can earn. When shopping at groceries stores, I only allow myself $20 for a week for groceries, I can do that, I use a calculator to stop pulling things off the shelfs. A credit card would louse that up. I have a budget for gas, food, and lunch, in my budget, I use cash for that, if I have anything left over, it goes to next weeks budget or back into the bank account. It scares the hell out of my to think we are giving up money for digital spending, and the gov knows what one is spending. So most of us can not collect points to buy much. I am on Dave Ramsey side, on this one.